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Letters from our Readers: How America first got in this financial mess
September 17, 2009
Reform banking system
One year after the collapse of Lehman Brothers set off a series of federal interventions, the government is the nation’s biggest lender, insurer, automaker and guarantor against risk for investors large and small. Federal spending is a bigger share of the nation’s economy — 26 percent — than at any time since World War II.
Simply funding the banking system without reforming it is an expensive and dangerous game. President Barack Obama and Congress could truly fix things by dividing the Wall Street mega-banks under a new Glass-Steagall Act.
But will they?
Ted Rudow III,MA